At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 520.91 points or 0.65% to 79,646.55. The Nifty 50 index shed 24.80 points or 0.16% to 24,439.30.

In the broader market, the S&P BSE Mid-Cap index shed 0.62% and the S&P BSE Small-Cap index rose 0.02%.

The market breadth was negative. On the BSE, 1,286 shares rose and 1,551 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,130.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,137.30 crore in the Indian equity market on 24 July 2024, provisional data showed.

Stocks in Spotlight:

Axis Bank declined 5.75%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.

Larsen & Toubro added 1.47% after the company’s consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.68% to 7.081 as compared with previous close 7.086.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.7100, compared with its close of 83.7175 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 104.22.

The United States 10-year bond yield fell 0.66% to 4.259.

In the commodities market, Brent crude for September 2024 settlement lost 62 cents or 0.76% to $81.09 a barrel.

Global Markets:

Asian markets tumbled on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.

The US market suffered a significant setback, with the S&P 500 plunging 2.3% — its worst day since December 2022. This marked the end of the longest period without a 2% drop since the 2008 financial crisis. The tech-heavy Nasdaq 100 plummeted 3.64%, dragged down by its largest components. Alphabet Inc. fell 5% after revealing higher-than-expected spending on its AI initiatives. Tesla Inc.'s stock plunged 12% following a disappointing profit report and delay of its robotaxi service. Nvidia Corp. also dropped 6.8%. The slump in the 'Magnificent Seven' tech giants triggered a broad market sell-off. The Dow Jones Industrial Average also declined 1.25%.